Without this insurance, your business may not only be subject to financial risk but also other risks. You may store sensitive data which, if compromised, can upset those who use your services hoping they will remain secure. Given the many ways in which people can become dissatisfied with advice or services, investing in extra protection can help you rest easy knowing a remedy is available.
Professional Liability Insurance is coverage for different types of unwanted outcomes that can arise as a result of a business providing professional advice or services to a client or customer. If a client or customer determines that advice, products or services have proven less than satisfactory, they may seek a form of remittance. Remittance can mean that an individual or group will file a claim against your business, seeking to recover costs alongside other forms of loss.
Do I Need Professional Liability Insurance?
If you have considered some of the potential liabilities you may suffer in the event that your professional advice, services or products are not satisfactory, you likely have a good understanding of the risks for your business. General Liability policies protect your business. However, they do not protect your professional reputation. Investing in this insurance means that if anything goes wrong, you have a course of action available to bounce back. The existence of risk is inherent in owning a business and managing it is an important decision.
This insurance will come in handy if you:
- Want to protect yourself and your business against negligence claims
- Want to protect yourself and your business against financial risk
- Want to ensure your business assets are protected for now and for the future
- Want coverage for anything that can go wrong with providing professional advice, services or products to customers or clients
To get started, click here or call us at 416.841.7400